Being your own boss
Being your own boss is the dream for many- a chance to put your efforts into something you genuinely care about rather than spending the best years of your life stuck in the rat race. Thanks to the internet it’s completely possible to earn a full income working for yourself and there are so many options, but it’s not easy. It takes hard work, here are three particular challenges you’re likely to face.
Earning enough money
When it comes to being your own boss your potential is unlimited. There’s no cap on the amount that you can earn, if you do well not only could you quit your day job but you would be earning far more than you ever could as an employee. However, it’s not that simple- it takes time (and some luck) to reach this stage. Whether you’re running your own business, freelancing, blogging or something else entirely, these sorts of ventures often build gradually over time.
This is why it’s always worth starting out as a side hustle, build things up in your spare time and see it as a hobby at first. As time goes on and it gains traction, you can move over to part time with nothing to lose. It’s not as simple as giving up your main job and waiting for the cash to come rolling in, when you work for yourself it can be hard. Go about things in the right way and you won’t put yourself at risk of sitting at home with no money and not enough interest in your business.
Dealing with taxes
Most of us start our own business as we’re passionate about a particular thing. It could be cooking, baking, gardening or crafting. It could be writing, it could be helping others- whatever it is, this is one of the main reasons we start a business in this area. Most of us don’t start a business because we’re great with numbers and taxes (unless it’s an accounting business!) and so when it comes to taxes, so many of us get stuck. From not keeping accurate records to not budgeting correctly to getting your dates wrong and paying late, there are all kinds of ways you can mess up. Do some research into the new making tax digital concept that’s being pushed forward, and what tools you can used to make sure you’re organised for your bill.
Finding the right work/ life balance
In order to make things work and become a success, being your own boss takes blood sweat and tears. It takes sacrifices, you’ll often be burning the candle at both ends and putting your heart and soul into your business. However, you can’t do this forever, it’s not good for your mental or physical health. As things progress and you’re earning a more steady profit, it’s time to start thinking about the work/ life balance. Could you hire an employee to help you out to give yourself less to do- or outsource to a third party company? Could you set your working hours and day, to ensure you’re getting enough time off?